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With all the dire predictions and forecasts of iPhone sales slowing down, Apple has been facing something of a PR nightmare recently. However, the company recently proved that all of the fears that critics have been stirring up are for nothing. It turns out that the iPhone X is selling really well and now, it’s going to buy back $100 billion worth of stocks.
In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company’s revenue between January and March was at $61.1 billion, Tom’s Guide reports. This was up 16 percent year-over-year.
In terms of iPhone sales, 52.2 million units were supposedly sold in the same timeframe, which translates to $38 billion in revenue. That’s 14 percent up from the same quarter as last year.
Cook even went so far as to say that the iPhone X is outselling any of its other models on a weekly basis. Apparently, this has been the case since it launched, despite the $999 minimum price tag.
“Since we split the line with the launch of iPhone 6 and 6 Plus back in 2014, this is the first cycle that we’ve ever had where the top-of-the-line iPhone model has also been the most popular,” Cook said. “The iPhone X is a beloved product. Like a team wins the Super Bowl, maybe you’d want them to win by a few more points, but it’s a Super Bowl winner. That’s how I feel about [the iPhone X].”
As CNET notes, the fears that were stoked with regards to the sales of the iPhone X are likely overblown. Cook even says that he is bullish about the future of Apple, which is in direct contrast to the predictions that analysts have been making for a few weeks. As a result, Apple will be buying back stocks that could be worth $100 billion.
